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Autumn Ridge Apartments Raleigh, NC

Autumn Ridge was built in 1986 and its interiors and amenities are outdated. By updating unit interiors, renovating the exteriors and improving the Property’s amenities as shown in the Capex schedule on page 13 of the Executive Summary, rents can be raised by approximately 17% based on the Property’s current average rents and nearby comparable upgraded properties. This increase is recognized over a 3 year period as units are upgraded. The interior renovation program includes new black appliances, updated cabinets, blinds, two-tone paint, faux wood flooring, new hardware and fixtures and upgraded countertops. Exterior upgrades include a new outdoor kitchen, landscaping improvements, and a clubhouse renovation. The total capital expenditure budget for the project is just under $3.3 million or $8,272 per unit. See the Executive Summary for complete details.

 

Key Points

  • 8% preferred investor return

  • Solid job-growth

  • Projected rent growth is 17% after implementing value-add strategy

  • The Property is being refinanced in December of 2015 and recapitalized finance value-add improvements.

 

Asset Profile

Hold Period

Property

Investment Type

Value Add

$50,000

3 Years

Investment Overview

Target Return (IRR)

Target Annual Cash

11%

Min. Investment

21%

Financials 

To help in your due-diligence, RealSource Equity Services is sharing their confidential financial information and projections. Please do not distribute.

Disclaimer: This investment summary and all targeted returns presented on these slides are hypothetical in nature and are subject to the disclaimers set forth in the Financials and PPM. As with any investment there is always a risk of loss and any potential investor should consult their financial professional before investing.

 

Location Details

Raleigh, NC

 

Autumn Ridge is located in a wooded setting in North Raleigh, minutes from RDU airport, Research Triangle Park, the Crabtree Valley Mall, Route 70 and Inner/Outer Beltlines, I-540 and I-40. The area is home to a wide array of dining, major retail areas and numerous shopping centers.